According to the Zhongtong Finance app, Goldman Sachs released a research report stating that after a 11% pullback in Wynn Macau's stock price last month, based on its market share, its valuation is about 9 times the EBITDA in the second quarter of 2024. In comparison, MGM China is about 9 times, Sands China and Galaxy Entertainment are 10-11 times. It is believed that Wynn Macau will still be a contributor to market share in the short term, maintaining a "neutral" rating with a target price of HKD 9.6.

The bank pointed out that Wynn Macau announced the revision of its existing dividend policy at the end of last month. The board of directors should hold a meeting every six months to consider declaring dividends and consider declaring special dividends, which caused some optimism. Management explained to the bank that the group still needs to consider various factors, including financial performance, liquidity conditions, future cash flows and capital needs, shareholder equity, etc. Although Wynn Macau has been losing money for many years during the epidemic, its comprehensive surplus has fallen to a negative value. The management pointed out that the company still has sufficient independent distributable reserves. The report predicts that the dividend per share will be 0.08 yuan this year and rise to 0.2 yuan in the 2025 fiscal year.

The report states that due to weak luxury goods consumption in the mainland and considering the depreciation of the yen, some consumer spending has shifted to Japan. Wynn Macau believes that retail sales trends in the second quarter are weak, but gambling demand still maintains relative elasticity. Although other gaming companies are intensifying their promotion efforts, the company avoids being overly aggressive and continues to focus more on competition in product and service quality. This explains why Wynn's share of gaming revenue has fallen from 14.2% in the first quarter of this year to about 13% now.